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Summative Test Fundamentals of ABM2 November 2021

The document provides an accounting test covering classifying asset accounts, identifying account titles as assets, liabilities, equity, income or expense, and solving basic accounting equation problems. Students are asked to classify 12 asset accounts, identify 18 account titles, and solve 5 basic accounting equation cases.

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35 views2 pages

Summative Test Fundamentals of ABM2 November 2021

The document provides an accounting test covering classifying asset accounts, identifying account titles as assets, liabilities, equity, income or expense, and solving basic accounting equation problems. Students are asked to classify 12 asset accounts, identify 18 account titles, and solve 5 basic accounting equation cases.

Uploaded by

Shaira
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Summative Test

Fundamentals of ABM2
November 2021

Name:________________________________ Section: Grade 12-Laurel

I. Instruction: Classify the following asset accounts. On the space provided, write CA, if
CURRENT ASSET, and PE, if PROPERTY AND EQUIPMENT.

_______1. Land _______7. Furniture & Fixtures


_______2. Accounts Receivable _______8. Advances to employees
_______3. Notes Receivable _______9. Unused Office Supplies
_______4. Building ______10. Store Equipment
_______5. Unexpired insurance ______11. Prepaid Rent
_______6. Cash on Hand ______12. Office Equipment

II. Identify the following Account titles: If it is an ASSET, LIABILITY, OWNER’S EQUITY, INCOME
and EXPENSE

_____________________1. Cash on hand ___________________10. Mortgage Payable

_____________________2. Notes Receivable ___________________11. Petty Cash Fund

_____________________3. Rent Expense ___________________12. Accrued Expense

_____________________4. Accrued Expense ___________________13. Annie’s Withdrawal

_____________________5. Equipment ___________________14. Insurance Expense

_____________________6. Martinez Capital ___________________15. Cash on Bank

_____________________7. Rental Income ___________________16. Mortgage Payable

_____________________8. Repairs and Maintenance___________________17. Land

_____________________9. Utilities Expense ___________________18. Unearned Income


III. BASIC ACCOUNTING EQUATION

ASSETS = LIABILITIES + CAPITAL

CASE 1 P350, 000 = P195, 0000 + _____________

CASE 2 _________ = P250, 000 + P 350, 000

CASE 3 P680,000 = _______________ + P450, 000

CASE 4 _________ = P650,0000 + P320,000

CASE 5 P275,000 = P85,000 + _________________

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